BC Housing Market July 2026: Detached Falls Below $2 Million

Fraser Valley: Supply Eases, Value Gap Holds Wide

The Fraser Valley closed July with 7,913 active listings at a $979,000 median and $539 per square foot across all property types. Inventory came down roughly 6.3 percent from June, and median days on market lengthened to 59 from 54. The value gap to Greater Vancouver held almost exactly where it has been all year: at $539 per square foot board-wide against $839 in Greater Vancouver, Fraser Valley homes trade at roughly a 36 percent discount on a per-square-foot basis.

Fraser Valley condos: 2,146 active listings. Median price $499,000. Median $641 per square foot. 59 days on market. The Fraser Valley condo median held just under $500,000 for a second month, which keeps a typical purchase inside the full BC Property Transfer Tax exemption for first-time buyers. It is still the only major segment across the two boards where the median buyer pays no transfer tax, and at 59 days on market it is also one of the slowest, which means buyers here have both the cleanest affordability math and the most negotiating room of any major segment we track.

Fraser Valley townhouses: 1,859 active listings. Median price $799,900. Median $501 per square foot. 51 days on market. The Fraser Valley townhouse median slipped under the $800,000 line in July, down from $814,950 in June, landing at $799,900. At $501 per square foot, buyers pay roughly 36 percent less per square foot than for a comparable Greater Vancouver townhouse at $789. This remains the strongest value case across the two boards. Browse Fraser Valley listings on Zealty.

One in Four Listings Has Already Cut Its Price

Across the 23,175 residential listings currently active in Greater Vancouver and the Fraser Valley, 5,787 are asking less than they originally listed for. That is 25.0 percent of the market, or almost exactly one listing in four. The average cut is 6.0 percent, which works out to about $103,000 off the original ask. Fraser Valley sellers are cutting notably more often than Greater Vancouver sellers, at 28.0 percent against 23.4 percent.

The share of sellers cutting is fairly even across property types, but the size of the cut is not:

• Detached: 24.8 percent have cut, averaging 6.9 percent off the original price.
• Condos: 25.7 percent have cut, averaging 5.6 percent.
• Townhouses: 23.4 percent have cut, averaging 4.6 percent.

The more useful number for buyers is what happens after the cut. Listings that have reduced their price have been on the market a median of 92 days. Listings that have never cut have been on for 46. A price reduction in this market is not a closing tactic, it is a signal that a listing has already been sitting for roughly three months, and 30 percent of all active listings across both boards have now passed the 90-day mark. Just over 8 percent have passed 180 days.

That gap is where buyer leverage actually lives. A seller 92 days in who has already come down once has demonstrated both motivation and a willingness to move, which is a very different negotiation from a fresh listing still testing the market at week three.

Four in Ten Recent Buyers Are Asking Less Than They Paid

Zealty holds the full sale history of the properties on the Greater Vancouver, Fraser Valley and Chilliwack boards, which makes it possible to compare what a home is asking today against what its owner actually paid for it. Of the 13,227 active Greater Vancouver and Fraser Valley residential listings we can match to a previous sale, 18.3 percent are asking less than that last sale price, with an average gap of 9.1 percent.

That number is heavily concentrated by purchase date. Owners who bought before 2016 are essentially never underwater on their asking price, at 0.6 percent. Among owners who bought between 2016 and 2020 it is 8.7 percent. Among owners who bought in 2021 or later, 42.2 percent are now asking less than they paid, at an average gap of 9.2 percent.

Split that recent cohort by property type and the picture sharpens further. Of the condos bought in 2021 or later and listed today, 50.7 percent are asking below their purchase price. Townhouses are at 45.2 percent and detached houses at 32.1 percent. The 2021 and 2022 buying window put a lot of BC condo owners at a price they have not seen since, and the ones who need to move now are the sellers most likely to negotiate.

One caveat worth stating plainly: an asking price below a previous sale price is not a realized loss. Some of these will sell higher than the current ask, and some sellers are pricing low deliberately to generate offers. It is a measure of seller posture, not of what changed hands.

City-by-City Snapshot for July 2026

Surrey: 4,193 active listings. Median $999,000. Median $558 per square foot. 60 days on market. Surrey inventory came down about 3 percent and the median finished essentially flat at $999,000, $1,000 above June, while days on market lengthened again, from 55 to 60. Inventory stays concentrated in condo product around Surrey Centre and Whalley, which continues to pull the city median below townhouse-heavy areas like Cloverdale and Fleetwood. Surrey market stats on Zealty.

Burnaby: 1,876 active listings. Median $878,000. Median $822 per square foot. 58 days on market. Burnaby inventory eased to 1,876 and the median softened again, from $889,450 in June to $878,000. Days on market moved from 54 to 58. The mid-market case holds: SkyTrain access at a meaningful discount to the City of Vancouver, where the median sits at $1,398,000. Burnaby market stats on Zealty.

North Vancouver: 927 active listings. Median $1,324,900. Median $891 per square foot. 46 days on market. North Vancouver dropped below 1,000 active listings and the median eased from $1,349,900 in June to $1,324,900, a $25,000 step down. Days on market moved from 42 to 46, keeping the North Shore the fastest-clearing of the markets tracked here. Geography still constrains supply here in a way it does not anywhere else in the region. North Vancouver market stats on Zealty.

Richmond: 1,989 active listings. Median $1,000,000. Median $772 per square foot. 62 days on market. Richmond finished July almost exactly where it started, with the median at $1,000,000 against $999,999 in June and inventory down about 2 percent. At 62 days it is the slowest of the four cities tracked here, so Richmond buyers have both the most selection and the most time. Richmond market stats on Zealty.

What This Means Heading Into August

The falling inventory count in July is the number most likely to be misread. Supply came down across every major market we track, which in a normal cycle signals tightening. It did not signal that here, because days on market lengthened at the same time in almost every one of those markets. Inventory fell because listings left, not because they sold.

The exit data makes that concrete. Between July 1 and July 31, 5,373 residential listings across Greater Vancouver and the Fraser Valley expired, were terminated, or were cancelled. Roughly 39 percent of those were already back on the market as a new listing by August 1, usually with a reset price and a reset days-on-market counter, and that share will keep rising as the listings that exited in the final days of July come back. The rest were still off the market when July closed. For comparison, June saw 5,056 such exits against 3,107 sales, about 1.6 listings leaving the market unsold for every one that sold. July has its own sales count coming, but sold records reach our database on a lag, so June is the most recent month where that ratio is complete.

For buyers, that combination is the most favourable it has been in 2026. The detached market has now given up $190,000 of median asking price since March. One listing in four has cut. More than four in ten owners who bought since 2021 are asking less than they paid. None of the July data suggests that reverses before fall.

Three Zealty filters do most of the work in this market. Sorting by days on market surfaces listings past the 90-day mark, where 30 percent of inventory across both boards now sits. Sorting by price change finds the 5,787 listings that have already come down once. The price-versus-previous-sold filter surfaces homes listed at or below what their owner paid, which is where the most motivated sellers across both boards are concentrated right now.

First-time buyers should keep their attention on the condo segments in Greater Vancouver at $699,000 and the Fraser Valley at $499,000, where prices have been flat for two months and half of all condo owners who bought in 2021 or later are asking below what they paid. For a full walkthrough of the BC Property Transfer Tax exemption, the FHSA and the Home Buyers’ Plan, see our complete guide to first-time buyer programs in BC.

Start Your August Search on Zealty

Every number in this post comes from live Zealty MLS data, refreshed throughout the day. July closed with inventory falling for the wrong reasons, the Greater Vancouver detached median under $2 million for the first time this year, and a quarter of active listings across Greater Vancouver and the Fraser Valley already discounted from their original ask. If you want to know the moment a property matching your criteria comes on, set up a saved search by neighbourhood, price range and property type and Zealty will email you the matches as they list.

Search active BC listings with live MLS data on Zealty and filter by region, property type and price to find the homes that match your plan for August.